Arminius Capital ALPS Fund

Performance Summary as at February 2023

The Arminius Capital ALPS Fund has a track record of 8 years and 8 months and has outperformed the Barclay Hedge Global Macro benchmark since inception in July 2014, providing investors with an annualised return of 5.25% compared with the benchmark's return of 4.39% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 8 years and 8 months since its inception. Over the past 12 months, the fund's largest drawdown was -3.6% vs the index's -2.68%, and since inception in July 2014 the fund's largest drawdown was -18.26% vs the index's maximum drawdown over the same period of -8.07%. The fund's maximum drawdown began in February 2018 and lasted 4 years and 8 months, reaching its lowest point during January 2021. The fund had completely recovered its losses by October 2022.

The Manager has delivered these returns with 1.85% more volatility than the benchmark, contributing to a Sharpe ratio which has only fallen below 1 once over the past five years and which currently sits at 0.6 since inception. The fund has provided positive monthly returns 64% of the time in rising markets and 55% of the time during periods of market decline, contributing to an up-capture ratio since inception of 42% and a down-capture ratio of -16%.